TAKING RISKS AND MAKING PROFITS WITHIN THE DYNAMIC BUSINESS ENVIRONMENT. Understand the fo
CHAPTER 3: DOING BUSINESS IN GLOBAL MARKETS.
• The theories of comparative and absolute advantage.
• Strategies for reaching global markets: Licensing, exporting, franchising, contract manufacturing (outsourcing), joint venture, strategic alliance, foreign subsidiaries, and foreign direct investment.
• What is meant by free trade?
• What is meant by trade protectionism?
• Understand the following terms: Tariff, import quota, and embargo.
• What is meant by balance of trade, trade surplus (favorable balance of trade), and trade deficit (unfavorable balance of trade)?
CHAPTER 4: DEMANDING ETHICAL AND SOCIALLY RESPONSIBLE BEHAVIOR.
• Three important questions associated with addressing ethical dilemmas.
• Understand the following terms: Ethical dilemma, situational ethics, social responsibility, and philanthropy.
• Compliance-based ethics codes versus integrity-based ethics codes.
• Social audits. What is one of the major problems in conducting a social audit?
CHAPTER 5: HOW TO FORM A BUSINESS.
• Advantages and disadvantages of sole proprietorships.
• Advantages and disadvantages of partnerships.
• Advantages and disadvantages of corporations.
• Differences between general partnership, limited partnership, and master limited partnership.
• Differences between C corporations, S corporations, and limited liability companies.
• Purpose of taking a firm private.
• Distinguish between the three different types of mergers: Horizontal, vertical, and conglomerate.
• Advantages and disadvantages of franchises.
CHAPTER 6: ENTREPRENEURSHIP AND STARTING A SMALL BUSINESS.
• Intrapreneurs versus entrepreneurs.
• Attributes of successful entrepreneurs.
• Small-business success and failure.
• Ways to learn about small-business operations.
• Important ingredients for starting and running a small business.
• Definition of a market.
CHAPTER 7: MANAGEMENT AND LEADERSHIP.
• Skills required for effective managers in the present/future world of business.
• Understand the four functions of management: Planning, organizing, leading, and controlling.
• What is a SWOT analysis?
• Distinguish between the four different types of planning: Strategic, tactical, operational, and contingency.
• Distinguish between goals and objectives.
• Distinguish between the different leadership styles. Is any one leadership style superior to the others under all circumstances?
CHAPTER 8: STRUCTURING ORGANIZATIONS FOR TODAY’S CHALLENGES.
• Understand the organizational theories of Henri Fayol and Max Weber.
• Understand the following terms: Bureaucracy (bureaucratic organization), hierarchy, span of control, division of labor, and departmentalization.
• Distinguish between centralized and decentralized management.
• Organization models: Line, staff, matrix, and cross-functional self-managed teams. What are the advantages and disadvantages of each type of organization model?
CHAPTER 10: MOTIVATING EMPLOYEES.
• Intrinsic versus extrinsic rewards.
• Understand Frederick Taylor’s scientific management.
• The importance of the Hawthorne Studies in relation to the direction of management theory.
• Understand Abraham Maslow’s hierarchy of needs and the relationship to employee motivation.
• Theory X versus Theory Y versus Theory Z managers.
• Distinguish between Herzberg’s hygiene factors and motivators.
• What is meant by management by objectives (MBO)? How is an MBO program implemented?
• The basic components of expectancy theory.
• The basic components of equity theory.
CHAPTER 11: HUMAN RESOURCE MANAGEMENT: FINDING AND KEEPING THE BEST EMPLOYEES.
• What is the role of human resource management? What are the opportunities and challenges of human resource management?
• Understand the six steps in planning human resources. What is meant by a human resource inventory, job analysis, job description, and job specification?
• Contingent workers.
• Understand the six steps involved in the selection of employees.
• Management development and the role of job rotation.
• The purpose of appraising employee performance. What are the steps in the performance appraisal process?
• Compensation for team performance.
• Advantages and disadvantages of a flextime plan.
CHAPTER 13: MARKETING: HELPING BUYERS BUY.
• What is the goal of the marketing process?
• Understand the components of the marketing mix (i.e., the 4 Ps of marketing).
• Distinguish between the Consumer (B2C) and Business-to-Business (B2B) markets.
• Understand the different types of market segmentation: Geographic, demographic, psychographic, benefit, and volume segmentation.
• Primary data collection versus secondary data collection.
• Understand the following terms: Niche marketing, mass marketing, target marketing, and relationship marketing.
• What is cognitive dissonance?